CAPMAS: Egypt’s August Trade Deficit Down 22.3%

Egypt’s trade deficit decreased by 22.3% in August compared to the same month last year, from EGP 21.69 billion in 2012 to EGP 16.86 billion in 2013, according to a recent report issued on Monday by the state-run statistics agency the Central Agency for Public Mobilization and Statistics (CAPMAS).

In a statement published on foreign trade  in August 2013, CAPMAS claimed that total exports had surged by 3.7% year on year reaching EGP 13.85 billion, compared to EGP13.36 billion in August 2012. This was attributed to increases in the price of a number of products, including crude oil, fertilizer, ready-made cloths and plastics.

Meanwhile, the statement also stated that imports during the month fell by 12.4%, to EGP 30.71 billion compared to EGP 35.05 billion in August 2012, due to decreases in the prices of petroleum products, iron and steel raw materials, corn, wheat and meat.